The balance sheet for Umi Sustainable Seafood imc reported the following components of equity on December 31, 2019:

12 Assignment i Saved Hele The balance sheet for Umi Sustainable Seafood Inc. reported the following components of equity on December 31, 2019: Common shares, unlimited shares authorized, 20,000 shares issued and outstanding Retained earnings Total equity $368,000 216,000 $584,000 In 2020, Umi had the following transactions affecting shareholders and the equity Jan. 5 The directors declared a $3.20 per share cash dividend payable on Feb. 28 to the Feb. 5 shareholders of record. Feb. 28 Paid the dividend declared on January 5. July 6 Sold 750 common shares at $38.40 per share. Aug. 22 Sold 1,250 common shares at $27.20 per share. Sept. 5 The directors declared a $3.20 per share cash dividend payable on October 28 to the October 5 shareholders of record. Oct. 28 Paid the dividend declared on September 5. Dec. 31 Closed the $347,200 credit balance in the Income Summary account. 31 Closed the Cash Dividends account. Required: 1. Prepare journal entries to record the transactions and closings for 2020. The company uses a Cash Dividends account when dividends are declared. View transaction list Journal entry worksheet Help 8 31 Closed the Cash Dividends account. Required: 1. Prepare journal entries to record the transactions and closings for 2020. The company uses a Cash Dividends account when dividends are declared. View transaction list Book X 1 Record the dividend declared on 20,000 outstanding shares. > 2 Record cash dividend paid. erences 3 Record the issuance of common shares. 4 Record the issuance of common shares. 5 Record the dividend declared on outstanding shares. 6 Record cash dividend paid. Credit 7 Record to close the income summary account. Record to close the cash dividend account Note : - Journal entry has been entered Record entry Clear entry View general Journal zto.mheducation.com er 12 Assignment Seved Help 2. Prepare a statement of changes in equity for the year ended December 31, 2020. (Amounts to be deducted should be indicated by a minus sign.) UMI SUSTAINABLE SEAFOOD INC Statement of Changes in Equity For Yoar Ended December 31, 2020 Common Retained Shares Earnings Total Equity Balance, January 1 Balance, December 31 ols 0 $ 0 3. Prepare the equity section of the corporation's balance sheet as of December 31, 2020. (Enter all amounts as positive values.) Balance, December 31 $ 0 $ 0 $ 0 3. Prepare the equity section of the corporation's balance sheet as of December 31, 2020. (Enter all amounts as positive values.) UMI SUSTAINABLE SEAFOOD ING. Equity Section of the Balance Sheet December 31, 2020 Contributed capital Total equity $ 0